Common use of Property Tax Clause in Contracts

Property Tax. Although the property tax on the Project Site is payable by the Authority as owner of the Site; however, under applicable laws the Concessionaire/Sub-Licensee (if any) is liable to pay any such taxes arising out of usage of Project Site i.e. for any non-residential/ commercial purposes or on the built-up area, which is under the occupation of Concessionaire shall not be reimbursed or payable by the Authority. For the avoidance of doubt, it is clarified that as per Section 97(2) of the Punjab Municipal Corporation Act, 1976, the Concessionaire shall bear any such property taxes, house taxes, municipal taxes etc. as levied by Competent Authorities. Any such taxes payable by the Concessionaire under Applicable Laws, for use of the Project Site, shall not be reimbursed or payable to the Concessionaire till the subsistence of this Concession period.

Property Tax. Although the property tax on the Project Site is payable by the Authority as owner of the Site; however, under applicable laws the Concessionaire/Sub-Licensee (if any) Concessionaire is liable to pay any such taxes arising out of usage of Project Site i.e. for any non-residential/ commercial purposes or on the built-up area, which is under the occupation of Concessionaire shall not be reimbursed or payable by the Authority. For the avoidance of doubt, it is clarified that as per Section 97(2) of the Punjab Municipal Corporation Act, 1976, the Concessionaire shall bear any such property taxes, house taxes, municipal taxes etc. as levied by Competent Authorities. Any such taxes payable by the Concessionaire under Applicable Laws, for use of the Project Site, shall not be reimbursed or payable to the Concessionaire till the subsistence of this Concession periodAgreement.

Property Tax. Although the property tax on the Project Site is payable by the Authority as owner of the Site; however, under applicable laws the Concessionaire/Sub-Licensee (if any) Concessionaire is liable to pay any such taxes arising out of usage of Project Site i.e. for any non-residential/ non‐residential/ commercial purposes or on the built-up built‐up area, which is under the occupation of Concessionaire shall not be reimbursed or payable by the Authority. For the avoidance of doubt, it is clarified that as per Section 97(2) of the Punjab Municipal Corporation Act, 1976, the Concessionaire shall bear any such property taxes, house taxes, municipal taxes etc. as levied by Competent Authorities. Any such taxes payable by the Concessionaire under Applicable Laws, for use of the Project Site, shall not be reimbursed or payable to the Concessionaire till the subsistence of this Concession periodAgreement.